Cosmos-powered dYdX claims top spot in DeFi: beats Uniswap in daily trading
dYdX’s market recorded a trading volume of $757 million, taking the top spot in 24-hour volume.
Decentralized finance (DeFi) protocol dYdX’s Cosmos-based market surpassed one of Uniswap’s markets as the largest decentralized exchange (DEX) by 24-hour trading volume on Jan 18.
Data tracking platform CoinMarketCap showed that dYdX’s v4 version based on the interchain protocol Cosmos recorded as much as $757 million in 24-hour trading volume. The surge in trading volume for dYdX led it to surpass Uniswap v3’s Ethereum market, which recorded a volume of $608 million during the same time period.
At the same time, dYdX’s v3 market, which is still active, was in third place with around $567 million. The Polygon-based Kine Protocol took fourth place with $361 million.
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